iRobot (NASDAQ:IRBT) posted its latest quarterly earnings results after the bell today, bringing in sales that missed expectations and earnings that were ahead of the mark, yet IRBT stock was plummeting more than 10% after hours.
The Bedford, Mass.-based tech company — founded in 1990 — announced that for its first quarter of 2019, it brought in net income of $22.5 million, or 78 cents per share. The figure was an improvement of 7 cents per share from its earnings of 71 cents per share during the same period in 2018.
Analysts were calling for iRobot to amass earnings of 60 cents per share, according to data compiled by FactSet on a survey. Revenue tallied up to $237.7 million, a 9.5% improvement over the company’s sales during the same period a year ago, when it garnered revenue of $217.1 million.
Wall Street said it projected the business to rake in sales of $251 million, per a FactSet survey. The strong quarterly showing encouraged iRobot to increase its guidance for the profit it now expects for its fiscal 2019, which is now slated to be in the range of $3.15 to $3.40 per share.
The company’s earnings guidance for the year was previously in the range of $3 to $3.25 per share.
IRBT stock is sinking roughly 14.3% after the bell Tuesday following the company’s narrow revenue miss and earnings beat. Shares had been gaining 1.4% during regular trading hours today in anticipation of iRobot’s results for its first three months of the fiscal year..